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TODAY'S OTHER NEWS

An increase in tenant demand puts upward pressure on rental values

Almost three in 10 letting agents saw landlords  increasing rent in June in response to high demand from prospective renters, new research shows. 

Some 29% of agents witnessed landlords increasing rent last month, according to new figures from ARLA Propertymark.

The number of prospective tenants  hit an all-time high for the month of June, with the average branch registering 79 new tenants per branch, compared to 70 on average in May.

Similarly, the number of rental properties on the market in June continued to pick up.  The number of properties managed per branch reached an all-time high for the month of June , with an average of 200 properties managed per letting agent branch. 

Regionally, Yorkshire & Humberside saw the highest number of properties managed, with an average of 264 per branch and Wales had the lowest number of properties on their books, with an average of just 104 per branch.

An increase in tenant demand puts upward pressure on rental values

The average time properties were vacant between tenancies fell to four weeks in June from five weeks during May. 

According to ARLA Propertymark, this is still the longest period on record properties have remained void between tenancies for the month of June, with a previously consistent figure of three weeks.

Phil Keddie, president, ARLA Propertymark, commented: “Our latest figures show that the rental market is continuing to pick up following the Covid-19 lockdown. 

“The record-breaking supply of rental stock and demand from tenants for this time of year paints an optimistic picture for the summer months, indicating that the market will be more active than the usual seasonal lull. 

“As the market continues to recover from the pandemic, it’s essential that everyone continues to keep up with their rent in order to sustain the market and help boost the economy during these uncertain times.”

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    Yes I can confirm this our end. Could have rented the past two properties many many times over. Getting asked for property directly from word of mouth constantly now. Also being asked why is it so difficult to get a property. They are quite surprised when I explain the main reasons

    1) Section 24 - "Stops me from wanting to buy more properties to house you"
    2) Gov law changes (aka interference to placate the whingers) that has made life difficult not better for all concerned - "Stops me from wanting to buy more properties to house you".
    3) Shelter/GR/Acorn interference - "Stops me from wanting to buy more properties to house you"

    Existing tenants nervously asking me "WIll I have to find somewhere else?" "Will you LL be able to hold on in this climate?". I always answer better have a word with your MP

    Mark Wilson

    I am sure those who ask you are as interested as government is, zzzzzzzzzzzzz

    I doubt anyone asks you as mush as i doubt he data of this article.

     
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    Norman - Maybe the data just doesn't fit in with your world view from your shop window. Adaption of the old gag.

    Why doesn't a Letting Agent in Central London look out of the window in the morning?

    Cos there wouldn't be anything for him to do in the afternoon!

     
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    Perhaps demand varies around the country, but there seems to be a strong demand in and around Norwich

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    Yesterday the article warned about lower rents. At least with a 50-50 hedging bet they'll be right more often than a stopped clock - but not any more useful as an indicator to be relied upon!

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